"Holiday let was a new product for us, and having tested the waters with local properties and local landlords, we’re now in a position to roll this out more widely."
Ipswich Building Society has extended the availability of its holiday let mortgage products across the whole of England and Wales.
Previously, properties needed to be based in the Society’s heartland area of Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.
The range includes a two-year fixed rate at 2.95%, a two-year discount variable rate at 2.80%, and a three-year fixed rate at 3.10%, all available up to 80% LTV on a capital or interest-only repayment basis.
All products are subject to a maximum 30 year term with no maximum age restriction.
During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount.
Richard Norrington, CEO of Ipswich Building Society, commented: “Back in August of last year, holiday let was a new product for us, and having tested the waters with local properties and local landlords, we’re now in a position to roll this out more widely. We’ve had considerable interest from intermediaries and look forward to helping many more people become holiday let landlords.
“With increasing numbers of Brits taking a serious look at their carbon footprint and trying to reduce the number of flights they take, as well as exchange rates making the UK an appealing holiday destination for foreign tourists, the outlook for the holiday let market looks set to be promising.”